Group 1 - The core point of the article is that Shuiyang Co., Ltd. announced the convening of its fifth temporary board meeting for 2025, where it reviewed proposals related to expected daily related transactions for 2026 [1] - For the year 2024, the company's revenue composition is entirely from the daily chemical industry, accounting for 100.0% [1] Group 2 - As of the report, Shuiyang Co., Ltd. has a market capitalization of 8.4 billion yuan [2]

Group 1 - The cosmetics sector experienced a decline of 1.26% on December 29, with Shanghai Jahwa leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key individual stock performances in the cosmetics sector included Qingdao Kingway up 1.38% and Shanghai Jahwa down 3.06% [2] Group 2 - The net outflow of main funds in the cosmetics sector was 94.94 million yuan, while retail funds saw a net inflow of 41.59 million yuan [2] - The main fund flow for Shanghai Jahwa showed a net outflow of 1.0677 million yuan, with retail funds showing a net inflow of 2.0905 million yuan [3] - Qingdao Kingway had a significant net outflow of 24.09 million yuan from main funds, while retail funds experienced a net outflow of 23.17 million yuan [3]

核查意见 公司分别于 2024 年 12 月 27 日、2025 年 6 月 20 日召开的第三届董事会 2024 年第三次定期会议、2024 年年度股东大会，预计 2025 年度与拙燕仓物流、水羊 新媒分别发生 20,400 万元、16,000 万元的日常关联交易，截至 2025 年 11 月 30 日公司与上述关联方实际发生的日常关联交易金额分别为 14,441 万元、10,311 万元。 2、根据《深圳证券交易所创业板股票上市规则》第 7.2.3 条第（三）项规定， 公司董事戴跃锋先生作为拙燕仓物流、水羊新媒的实际控制人，属于关联董事， 1 华泰联合证券有限责任公司 关于水羊集团股份有限公司 预计 2026 年度日常关联交易的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"）作为水羊集团股 份有限公司（以下简称"水羊股份"或"公司"）向不特定对象发行可转换公司 债券并在创业板上市持续督导阶段的保荐机构，根据《证券发行上市保荐业务管 理办法》《深圳证券交易所创业板股票上市规则》及《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》等有关规定，经审慎尽职调查，对水羊股 份本次关联交易 ...

证券代码：300740 证券简称：水羊股份 公告编号：2025-076 债券代码：123188 债券简称：水羊转债 水羊新媒分别发生 20,400 万元、16,000 万元的日常关联交易，截至 2025 年 11 月 30 日公司与上述关联方实际发生的日常关联交易金额分别为 14,441 万元、 10,311 万元。 水羊集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况概述 （一）日常关联交易概述 关于预计 2026 年度日常关联交易的公告 1、水羊集团股份有限公司（以下简称"公司"）于 2025 年 12 月 26 日召 开的第四届董事会 2025 年第五次临时会议，审议通过了《关于预计 2026 年度 日常关联交易的议案》，对公司及子公 司与公司关联方湖南拙燕仓物流有限公 司及其子公司（以下统称"拙燕仓物流"）、湖南水羊新媒体有限公司及其子公 司（以下统称"水羊新媒"）之间于 2026 年度拟发生的日常关联交易金额进行 了预计，预计 2026 年 1 月 1 日起至 2026 年 12 月 31 日发生日常关联交易 ...

证券代码：300740 证券简称：水羊股份 公告编号：2025-077 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司（以下简称"公司"）于 2025 年 12 月 17 日召开 2025 年第二次临时股东会，批准实施 2025 年员工持股计划（以下简称"本员工持股 计划"），根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券 交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》等规定，现将 实施情况公告如下： 一、本员工持股计划的股票来源 根据《2025 年员工持股计划（草案）》规定，本员工持股计划的股票来源 为公司自二级市场以集中竞价交易方式回购 A 股普通股（以下简称"标的股票"）。 公司于 2025 年 4 月 15 日召开第三届董事会 2025 年第一次临时会议，审议 通过《关于<水羊集团股份有限公司回购公司股份方案>的议案》，决定使用不 低于人民币 5,000.00 万元（含），不超过人民币 10,000.00 万元（含）的自有 资金和股票回购专项贷款资金以集中竞价交易方式回购公司 A 股普通股，回购 1 价格不超过人民币 18.00 元/股（含），回购股份将 ...

证券代码：300740 证券简称：水羊股份 公告编号：2025-075 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司 第四届董事会 2025 年第五次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 水羊集团股份有限公司（以下简称"公司")第四届董事会 2025 年第五次临 时会议于 2025 年 12 月 26 日在公司 6 楼会议室召开，由董事长戴跃锋先生主持， 以现场及通讯投票的方式进行表决，本次董事会应出席董事 7 名，实际出席董事 7 名，符合《水羊集团股份有限公司章程》（以下简称《公司章程》）规定的法 定人数。公司部分高级管理人员列席了本次会议。本次会议通知于 2025 年 12 月 24 日通过书面形式送达各位董事，本次会议的召集、召开和表决程序符合《中 华人民共和国公司法》等法律法规和《公司章程》的有关规定。 二、董事会会议审议情况 具 体 内 容 详 见 公 司 于 2025 年 12 月 30 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于预计 20 ...

水羊股份公告称，公司2025年员工持股计划股票来源为回购股份。截至2025年11月3日，公司回购股份 809.72万股，占总股本2.08%，成交金额9781.99万元。员工持股计划实际筹集资金5103.87万元，授予份 额5103.87万份。2025年12月29日，249.46万股标的股票由公司回购专用账户非交易过户至员工持股计划 账户，占股本总额0.64%，购股价格20.46元/股。 ...

Investment Rating - The report maintains an "Outperform" rating for the beauty and personal care industry, indicating a positive outlook for growth opportunities in the sector [3]. Core Insights - The report emphasizes that innovation in ingredients, particularly new materials like PDRN (Polydeoxyribonucleotide) and ECM (Extracellular Matrix), is a significant driver for growth in the beauty and medical aesthetics industry. Companies that successfully integrate these new components into their product lines are expected to enhance their growth potential and market competitiveness [5][14]. Summary by Sections 1. PDRN: A New Ingredient Driving Growth - PDRN has been validated in overseas markets for over a decade and is recognized for its effectiveness in promoting tissue regeneration and anti-inflammatory properties. The introduction of PDRN products in the medical aesthetics sector has shown a compound annual growth rate (CAGR) of 30% from 2014 to 2024 for companies like PharmaResearch, which has established a strong market presence with its Rejuran product line [5][18][32]. - The domestic market for PDRN is expected to grow significantly, with a projected revenue of approximately 330 million RMB from Q4 2024 to Q3 2025, indicating robust demand for PDRN products in China [5][20]. - The report highlights that the increasing awareness and education around PDRN among consumers, coupled with regulatory clarity and rapid supply chain development, will further drive demand in the medical aesthetics sector [5][68]. 2. ECM: Potential in Regenerative Fields - ECM is gaining attention as a promising ingredient in both medical aesthetics and cosmetics, with applications in serious medical fields already established. The report notes that the market for ECM products is still developing, with several companies beginning to explore its potential in aesthetic applications [5][24][28]. - The report suggests that the introduction of ECM products could fill existing gaps in the market, particularly in the medical aesthetics sector, where consumer education and awareness are crucial for adoption [5][24]. 3. Investment Opportunities - The report recommends focusing on companies with established pipelines for new materials, particularly in the medical aesthetics sector, such as Lepu Medical and Marubi Biotechnology, which are expected to lead in the approval and commercialization of PDRN products [5][6]. - In the cosmetics sector, brands that are quick to adopt PDRN and other innovative ingredients are likely to gain a competitive edge, with several major brands already launching PDRN-infused products in 2025 [5][6].

Core Viewpoint - The ongoing dispute over exclusive agency rights between two companies, Ruoyuchen and Shuiyang, regarding the Spanish beauty brand Mesoestetic in China has raised questions about the legitimacy of their claims to exclusivity and has implications for the market dynamics of the oral beauty supplement sector [1][3][9]. Group 1: Company Developments - Ruoyuchen has announced it will become the exclusive general agent for Mesoestetic's oral beauty health product line in China, with irrevocable trademark rights and related authorizations, effective from January 1, 2026, to December 31, 2028 [1]. - Shuiyang, which has been the exclusive distributor for Mesoestetic since 2021, claims it remains the brand's exclusive distributor in China and is currently in discussions with the brand regarding the ongoing contract [1][5]. - The dispute has led to confusion in the market, with both companies asserting their exclusive rights, prompting inquiries from media sources [1][3]. Group 2: Market Impact - There has been a significant price reduction for Mesoestetic products, with reports of discounts up to 50% compared to previous prices, which some consumers attribute to the agency rights dispute [3][6]. - Ruoyuchen clarified that the current price drop is not a brand initiative but rather actions taken by the previous distributor, Shuiyang, and emphasized their commitment to maintaining market order and brand integrity [3][6]. - The oral beauty market in China is projected to grow significantly, with estimates suggesting it will exceed 25.57 billion yuan by 2025, reflecting a stable annual growth rate of over 3.8% [9].

Market Overview - The cosmetics sector experienced a slight decline of 0.13% on December 26, with Qingsong Co. leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Individual Stock Performance - Marubi Biotechnology (603983) closed at 33.09, up 0.91% with a trading volume of 23,700 shares and a turnover of 78.26 million yuan [1] - Shanghai Jahwa (600315) closed at 23.17, up 0.83% with a trading volume of 32,000 shares and a turnover of 74.08 million yuan [1] - Furuida (600223) closed at 7.39, up 0.41% with a trading volume of 55,100 shares and a turnover of 40.71 million yuan [1] - Proya Cosmetics (603605) closed at 67.92, up 0.06% with a trading volume of 27,900 shares and a turnover of 20.06 million yuan [1] - Betaini (300957) closed at 40.48, down 0.59% with a trading volume of 37,100 shares and a turnover of 151 million yuan [1] - Other notable declines include Qingsong Co. (300132) down 1.57% and Jinsong New Materials (300849) down 1.55% [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 80.47 million yuan from institutional investors, while retail investors contributed a net inflow of 70.02 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Furuida (600223) had a net inflow of 7.77 million yuan from institutional investors, but a net outflow of 4.35 million yuan from retail investors [3] - Huaye Fragrance (300886) saw a net inflow of 3.30 million yuan from institutional investors, while retail investors had a net outflow of 1.01 million yuan [3] - Marubi Biotechnology (603983) experienced a net inflow of 1.22 million yuan from institutional investors, with retail investors also seeing a net outflow [3] - Qingsong Co. (300132) had a significant net outflow of 1.57 million yuan from institutional investors [3]